Memory semiconductor shortage worsening.. Big tech facility investment expanded to record levels / Semiconductor equipment & materials, finally time has come

Summary

Director Lee Ju-yeon discusses the worsening memory semiconductor shortage and the record capex plans of big tech firms. She argues that this capex will cascade to Korean semiconductor equipment and materials (소부장) stocks, creating a multi-year opportunity. She highlights specific beneficiaries like Hanmi Semiconductor, PSK Holdings, TES, and DI, while also recommending Samsung Electronics and SK Hynys as core holdings. The foreign selling pressure is described as mechanical and not a reason to exit the market.

• Hyperscaler AI capex is driving record semiconductor investment, cascading demand to equipment suppliers.
• Lee recommends Korean semiconductor equipment/materials sector as a multi-year theme.
• Hanmi Semiconductor is positioned as a key beneficiary of the HBM4 transition via hybrid bonding.
• PSK Holdings has a monopoly on reflow equipment for TSMC's CoWoS and also supplies HBM TSV equipment.
• TES and DI are highlighted for their roles in high-stack NAND and HBM4 burn-in testing, respectively.
• Samsung Electronics and SK Hynix are recommended as core holdings for investors who prefer simplicity.
• Foreign selling at each KOSPI milestone is considered mechanical and not fundamentally driven.
• The shift from AI training to inference is increasing memory bandwidth requirements, accelerating HBM adoption.